Cohu price target lowered to $36 from $42 at Needham

Needham lowered the firm’s price target on Cohu to $36 from $42 and keeps a Buy rating on the shares. The company’s Q4 revenue pre-announcement yesterday was $1M higher than their previous mid-point guidance of $136M, but the management also guided Q1 revenue to be about 20% lower sequentially, missing consensus estimate that calls for revenue roughly flat, the analyst tells investors in a research note. The firm is also reducing its FY24 revenue view to $485M from $575M and its FY24 EPS view to 91c from $1.48.